It was so much fun to see our first Innovation Development Teams in person for our Launch cohort kickoff. They brought an incredible energy and were motivated to bring their innovations to the next level. They were able to identify the areas where they needed support and things they wanted to learn over the next 12 months, and they were also able to share what they could bring to the table to share with other teams. Whether it’s connections to networks, knowledge of academia, or expertise in building digital resources, all of these teams have unique skillsets to offer, and we at Launch can’t wait to see them learn from not only our team coaches, but from each other. 

During the two-day kickoff event, we worked through the stages of bringing an innovation to life. In order to create a successful product or service that is well-received by one’s target audience, an innovator must work through many considerations and develop a solid business model. We recommend innovators follow three primary steps: 

1. Ideate 
For this stage, brainstorm all the different pieces that will be critical to your new product or service. Who is it for? How will it be differentiated from other products that are currently available? How will it be distributed? How will it make money? What types of partnerships do we need to be successful? It’s important to ask these questions and more as you come up with your business model canvas—this template from Strategyzer can help you walk through all the considerations!   
 
The components of the business model canvas come together to address three broad questions:

• Can we do this? 

  Think about the resources, activities, and partnerships that are needed to bring your innovation to life. 
• Do they want this? 
  
Understand who you are building your product or service for. Who are your target customers, and how can you reach them? What value does your innovation create for them?
• Should we do this? 

  This is an important piece because it’s about whether the idea is financially feasible. It asks you to consider cost structure and revenue streams for their offering. 

2. Hypothesize 
Once the ideation phase is complete, step back and take a look at your now filled-in business model canvas. Because the brainstorming phase typically involves making assumptions, your canvas likely contains a great deal of untested ideas. 
 
The next step is to take these assumptions and form hypotheses—clear, testable statements will help you determine whether your business model will work. 
 
Strong hypotheses share three features. They are: 

• Testable: It can be validated or invalidated based on evidence.
• Precise: It clearly describes who, what, and when, in order to make clear what success looks like.  
• Discrete: It focuses on a single element, allowing you to test one factor at a time. 

Once hypotheses are created, you will likely have to prioritize which to test first—what is the most important thing to learn to ensure the success of their business? 
 
3. Test
There are several ways to test hypotheses, and the right method depends on what you are trying to learn. For example, you could interview potential customers to learn more about their behaviors, needs, and preferences. If you already have a prototype, you could ask potential customers to test the product and make notes about areas of confusion, their likes, and their dislikes. Regardless of the type of test you choose, all tests should have: 

• A clear hypothesis: What are you testing? 
• An experiment: How will you gather evidence? 
• Metrics: What data will you collect during the test? 
• Success criteria: How will you define success based on the data? 

By designing thoughtful tests, you can gather the insights needed to refine your business model and make informed decisions.  

Now that our teams are equipped with these three important steps (and all the smaller steps in between), they can begin to apply these concepts to their own innovations. We look forward to continuing to work with them and witnessing their growth!